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Visa moves into BNPL with new service for card issuing clients

Thursday 29 July 2021 14:06 CET | News

Visa has announced creating Buy Now, Pay Later instalment payment services for its credit card-issuing customers.

Visa is reportedly rolling out pilot BNPL services in the US, Canada, Russia, and Malaysia. The credit card platform has set up a BNPL website for credit card issuers — mainly banks and credit unions as well as financial technology companies — that use its payment network. Merchants offer BNPL financing to consumers primarily during checkout when they shop online.

According to Investors.com, Visa hopes to counter the threat of PayPal, Affirm Holdings, and possibly Apple, which are encroaching into the consumer financing space. Visa aims to make it easier for banks such as Wells Fargo and Chase to provide instalment loans to consumers. While BNPL services have focused on online shopping checkout, Visa has developed pre- and post-purchase options for credit card issuers.


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Keywords: Visa, BNPL, credit card, instalment payments
Categories: Payments & Commerce | Ecommerce
Countries: World
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